This document provides a summary of key information from Raymond James 37th Annual Institutional Investors Conference on March 8, 2016. It discusses TDS (NYSE: TDS), a telecommunications company that operates through its subsidiaries TDS Telecom and U.S. Cellular. The summary highlights TDS' focus on long-term value creation, conservative financing strategy, and history of annual dividend increases. Financial results for 2015 show growth in operating cash flow, operating income, and adjusted EBITDA for both U.S. Cellular and TDS Telecom compared to 2014. Key strategic priorities for 2016 include revenue growth, reducing costs, and increasing margins.

1. Raymond James 37th Annual
Institutional Investors Conference
March 8, 2016

2. Safe Harbor Statement
2
All information set forth in this presentation, except historical and factual information,
represents forward-looking statements. This includes all statements about the company’s plans,
beliefs, estimates, and expectations. These statements are based on current estimates,
projections, and assumptions, which involve certain risks and uncertainties that could cause
actual results to differ materially from those in the forward-looking statements. Important
factors that may affect these forward-looking statements include, but are not limited to:
intense competition; the ability to execute TDS’ business strategy; uncertainties in TDS’ future
cash flows and liquidity and access to the capital markets; the ability to make payments on TDS
and U.S. Cellular indebtedness or comply with the terms of debt covenants; impacts of any
pending acquisitions/divestures/exchanges of properties and/or licenses, including, but not
limited to, the ability to obtain regulatory approvals, successfully complete the transactions and
the financial impacts of such transactions; the ability of the company to successfully manage
and grow its markets; the overall economy; the access to and pricing of unbundled network
elements; the ability to obtain or maintain roaming arrangements with other carriers on
acceptable terms; the state and federal telecommunications regulatory environment; the value
of assets and investments; adverse changes in the ratings afforded TDS and U.S. Cellular debt
securities by accredited ratings organizations; industry consolidation; advances in
telecommunications technology; pending and future litigation; changes in income tax rates,
laws, regulations or rulings; changes in customer growth rates, average monthly revenue per
user, churn rates, roaming revenue and terms, the availability of wireless devices, or the mix of
products and services offered by U.S. Cellular and TDS Telecom. Investors are encouraged to
consider these and other risks and uncertainties that are discussed in documents furnished to
the Securities and Exchange Commission (“SEC”).

3. Diversified Communications Company
• TDS (NYSE:TDS) provides communications products and
services primarily in rural and suburban markets, through
its two principal business units:
TDS Telecom U.S. Cellular (NYSE:USM)
(wholly-owned) (84% owned)
• 6 million customers nationwide
• Controlled company with focus on long-term value
creation
• Conservative financing strategy
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4. 4
Annual Dividends
Per TDS Share
Shares Repurchased
* Retroactively adjusted for the effect of 2005 stock dividend. Repurchased $990 M
Inmillions
42 years of consecutive dividend increases
Delivering Value to Shareholders
0
1
2
3
4
5
6
7
8
2007 2008 2009 2010 2011 2012 2013 2014 2015
TDS USM

5. 5

6. Who are we?
6
Fifth largest
wireless carrier in
the U.S.
4.9 million
customers
$4 billion
in revenue
Serve primarily
rural and
suburban
communities

7. Differentiate through
Our Value Proposition
7
Provide outstanding customer
service through our:
• High-quality network
• 4G/LTE
• ‘In the Middle of
Anywhere’
• Competitive devices, plans
and pricing
• Best Value in wireless
• Equipment installment
plans and shared data
• Local focus
• Treat customers like
neighbors not numbers

8. Full Year Results
8
($ in millions) 2015 2014 % Change
Total operating revenues $3,997 $3,893 3%
Operating cash flow(1) 675 338 100%
Operating income (loss)(excluding gains, losses)(1) 69 (268) >100%
Adjusted EBITDA(1) $852 $480 77%
(1) Operating cash flow, Operating income (excluding gains, losses) and Adjusted EBITDA are non-GAAP financial
measures that are defined in the non-GAAP reconciliation at the end of the presentation
Postpaid Churn Rates

9. 2016 Strategic Priorities
9
Revenue
Growth
Customer
growth is #1
Smartphone
penetration
and data
monetization
Reduce Unit
Costs
Manage
Investments
Increase
Margins
Balancing Growth
and Profitability

10. 10

11. Who are we?
11
1.2 million
connections in 34
states
Serve some of the
most rural
communities in U.S.
IP - based
services for SMB
customers
Hybrid cloud
solutions for mid-
market customers

12. Wireline and Cable
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Wireline
• Targeted fiber deployment with strong
results
• 98% of all TDS TV (IPTV) customer
subscribe to triple play
• Moderates loss on voice lines
Cable
• A natural extension of business
• Entered market in 2013; two major
acquisitions
• Total residential connections growth of
6%
Both wireline and cable share the common strategy to “own the best
pipe in the market.” Our goal is to grow high-margin broadband
services bundles with video and voice products.
TDS TV
(Triple play bundles
reduce churn)

13. Hosted and Managed Services
13
• OneNeck IT Solutions offers comprehensive range of hosted
and managed services to mid-market companies looking to
outsource their IT needs
• Increasing equipment sales
• Focus on increasing recurring sales revenues
• Recent Data Center completions in Denver, Colorado and
expansion in Madison, Wisconsin

14. Full Year Results
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($ in millions) 2015 2014 % Change
Wireline $ 701 $ 716 (2%)
Cable 175 117 50%
HMS 287 259 11%
Total operating revenues(1) 1,158 1,088 6%
Adjusted EBITDA(2) 306 298 3%
Capital Expenditures $ 219 $ 208 5%
(1) Operating cash flow, Operating income (excluding gains, losses) and Adjusted EBITDA are non-GAAP financial
measures that are defined in the non-GAAP reconciliation at the end of the presentation
(2) Adjusted EBITDA is a non-GAAP financial measure that is defined in the non-GAAP reconciliation at the end of
the presentation

15. 2016 strategic priorities
•Complete planned targeted fiber deployment; increase
broadband and IPTV penetration in existing markets
•Capital intensity declines driving higher free cash flow
Wireline
•Increase residential and commercial broadband
customer connections
•Continue to evaluate potential acquisitions
Cable
•Focus on growth of recurring service revenues
•Sell across entire portfolio
•Utilize new data center capacity
Hosted and
Managed
Services

16. 16

17. Appendix
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18. Operating Cash Flow and Adjusted EBITDA
Reconciliation – Q4 2015 and Q4 2014 Actual Results
Actual Results
Three months ended Dec. 31, 2015 Three months ended Dec. 31, 2014
U.S.
Cellular Wireline Cable HMS
Total
TDS
Telecom TDS (2)
U.S.
Cellular Wireline Cable HMS
Total
TDS
Telecom TDS (2)
($ in millions)
Net income (loss) (GAAP) (3) 12 (1) (4) 8 (2) (22) 5 1 6 12 (21)
Add back:
Income tax expense (benefit) (5) 10 1 (3) 8 (7) (13) 19 --- (14) 5 (12)
Income (loss) before income taxes
(GAAP) ($8) $22 --- ($7) $16 ($9) ($35) $24 $1 ($8) $17 ($33)
Add back:
Interest expense 25 --- --- 1 --- 39 15 (1) --- --- --- 28
Depreciation, amortization and
accretion expense 156 41 9 7 58 216 141 43 9 7 58 202
EBITDA $174 $64 $9 $1 $74 $246 $121 $68 $9 ($1) $76 $196
Add back:
Loss on impairment of assets --- --- --- --- --- --- --- --- --- --- --- 4
(Gain) loss on assets disposals,
net 4 2 1 --- 3 7 5 1 1 --- 2 7
(Gain) loss on sale of business and
other exit costs, net --- (6) --- --- (6) (6) (5) --- --- --- --- (7)
(Gain) loss on license sales and
exchanges, net --- --- --- --- --- --- (22) --- --- --- --- (22)
Adjusted EBITDA (3) $178 $59 $10 $1 $71 $247 $99 $68 $11 ($1) $78 $179
Deduct:
Equity in earnings of
unconsolidated entities 30 --- --- --- --- 30 24 --- --- --- --- 24
Interest and dividend income 11 1 --- --- --- 11 6 1 --- --- --- 7
Operating cash flow (3)(4) $137 $59 $10 $1 $71 $206 $69 $67 $11 ($1) $77 $148
Deduct:
Depreciation,
amortization and
accretion expense 156 141
Operating income (loss) (excluding
gains, losses) ($19) ($72)
(2) (3) (4) – see notes at the end of this presentation
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19. Operating Cash Flow and Adjusted EBITDA Reconciliation –
2016 Estimated, 2015 and 2014 Full Year Actual Results
($ in millions)
(1) (2) (3) (4) (5) – see notes at the end of this presentation
2016
Estimate (1)
2015
Estimate (1)
2015
Actual
2014
Actual
2016
Estimate (1)
2015
Estimate (1)
2015
Actual 2014 Actual
Net Income (loss) (GAAP) N/A N/A 247 (47) N/A N/A 46 (24)
Add back:
Income tax expense (benefit) N/A N/A 156 (12) N/A N/A 35 18
Income (loss) before income taxes (loss) (GAAP) $0 - $125 $275-$355 $404 ($59) $40- $80 $45-$75 $81 ($7)
Add back:
Interest expense 105 80 86 57 -- -- 1 (1)
Depreciation, amortization and accretion 600 600 606 606 230 235 228 220
EBITDA $705-$830 $955-$1,035 $1,096 $605 $270 - $310 $280-$310 $310 $212
Add back:
Loss on impairment of assets --- --- --- --- -- --- --- 84
(Gain) loss on sale of business and other exit costs, net --- (115) (114) (33) -- (5) (10) (2)
(Gain) loss on license sales and exchanges (5) --- (145) (147) (113) -- --- --- ---
(Gain) loss on asset disposals, net 20 15 16 21 -- 5 6 5
Adjusted EBITDA (2) $725-$850 $710-$790 $852 $480 $270 -$310 $280-$310 $306 $298
Deduct:
Equity in earnings of unconsolidated entities (140) (135) (140) (130) -- -- --- ---
Interest and dividend income (60) (35) (37) (12) -- -- (2) (2)
Operating cash flow (2) (3) (4) $525-$650 $540--$620 $675 $338 $270 - $310 $280-$310 $304 $296
Deduct:
Total Depreciation, Amortization and Accretion (606) (606)
Operating Income (loss) (excluding gains, losses) $69 ($268)
U.S. Cellular TDS Telecom
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20. (1) In providing 2016 and 2015 Estimated Results, TDS has not completed the above reconciliation to net income
because it does not provide guidance for income taxes. TDS believes that the impact of income taxes cannot be
reasonably predicted; therefore, the company is unable to provide such guidance.
(2) The TDS column includes U.S. Cellular, TDS Telecom and also the impacts of consolidating eliminations, corporate
operations and non-reportable segments, all of which are not presented above.
(3) Operating cash flow is defined as net income, adjusted for the items set forth in the reconciliation above. Adjusted
EBITDA (earnings before interest, taxes, depreciation, amortization and accretion), is defined as net income,
adjusted for the items set forth in the reconciliation above. Operating income (loss) (excluding gains and losses), is
defined as net income, adjusted for the items set forth in the reconciliation above. Operating cash flow, Adjusted
EBITDA and Operating income (loss) (excluding gains and losses) exclude these items in order to show operating
results on a more comparable basis from period to period. From time to time, TDS may exclude other items from
Operating cash flow and/or Adjusted EBITDA and/or Operating income (loss) (excluding gains and losses) if such
items help reflect operating results on a more comparable basis. TDS does not intend to imply that any such items
that are excluded are non-recurring, infrequent or unusual; such items may occur in the future. Operating cash
flow, Adjusted EBITDA and Operating income (loss) (excluding gains and losses) are not measures of financial
performance under Generally Accepted Accounting Principles in the United States (“GAAP”) and should not be
considered as alternatives to net income as indicators of the company’s operating performance or as alternatives to
cash flows from operating activities, determined in accordance with GAAP, as indicators of cash flows or as
measures of liquidity. TDS believes Operating cash flow, Adjusted EBITDA and Operating income (loss) (excluding
gains and losses) are useful measures of TDS’ operating results before significant recurring non-cash charges, gains
and losses, and other items as indicated above.
(4) A reconciliation of Operating cash flow (Non-GAAP) and Operating income (excluding gains and losses) (Non-GAAP)
to operating income (GAAP) for Dec. 31, 2015 actual results can be found on the company's website at
investors.tdsinc.com.
(5) In February 2016, U.S. Cellular entered into multiple agreements to exchange licenses. Agreements are subject to
regulatory approval and other customary closing conditions, and are expected to close in 2016. Upon closing of the
transactions, U.S. Cellular expects to record a gain. A reasonable estimate of the gains is unavailable at the time of
this filing.
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